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Noble Energy to Spend $2Billion in Northern Colorado

Posted on: Feb 15 14

by: admin

By Steve Lynn December 17, 2013
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Noble Energy Inc. (NYSE: NBL) said it would invest $2 billion next year in the Denver-Julesburg Basin, a region that includes Northern Colorado.

Noble Energy, one of the largest oil and natural-gas producers in Weld County, spent about $1.4 billion in the D.J. Basin this year.

Noble Energy’s spending represents the lion’s share of the Houston-based company’s $4.8 billion capital budget for 2014. Noble Energy made the announcement as part of a presentation to analysts in Houston on Tuesday.

The company plans to drill 320 horizontal wells in the D.J. Basin and anticipates sales volumes willincrease 28 percent in the region next year. Noble Energy expects production to grow 23 percent annually during the next five years.

“We continue to accelerate development in the DJ Basin, which will receive the greatest portion of our capital program,” Noble Energy CEO Charles Davidson said in a statement.

Other than its investment in Northern Colorado, Noble Energy plans to spend $1.1 billion in the Marcellus shale formation, $525 million in the Eastern Mediterranean Sea, $375 million in West Africa and $450 million in the Gulf of Mexico. The company has allocated about 70 percent of capital spending for drilling onshore in the U.S. and 30 percent to global deepwater drilling.

Noble Energy also said that it expected 2013 sales volumes of between 286,000 and 288,000 barrels of oil equivalent per day during the fourth quarter of 2013. The company estimates sales volumes to average between 302,000 and 322,000 barrels of oil equivalent next year.

It expects average worldwide production to rise 18 percent during the next five years, leading to production of 629,000 barrels of oil equivalent per day in 2018.

Total proven reserves for the company are anticipated to hit 2.9 billion barrels of oil equivalent by 2017, the company said. The company plans capital spending of $28 billion in the next five years.

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